Laurus Labs shares rallied more than 4 percent intraday Tuesday on signing strategic partnership agreement with Global Fund for three-and-half-year.
The stock was quoting at Rs 389.10, up Rs 14.60, or 3.90 percent on the BSE, at 13:53 hours IST.
Through this long term agreement, Laurus Labs will have the volume commitments from the Global Fund for the treatment of HIV/AIDS, the company said in its filing.
Under this Partnership agreement, Laurus Labs received and executed the order from Global Fund which would cater to the supplies of the high burden diseases countries in Sub Saharan African (SSA) region, it added.
This is the maiden order for Tenofovir/Lamivudine/Dolutegravir 300/300/50mg (TLD) after the company received a tentative approval from USFDA in February 2019."For Laurus Labs it is a very significant development which has ventured into the FDFs couple of years ago. This partnership has increased the company’s commitment to contribute to the global mission for treating millions of HIV AIDS patients across the globe," Satyanarayana Chava, Founder and CEO, Laurus Labs said.